Legal Question in Bankruptcy in Maryland

Assets

If a person already loses their house by foreclosure and has thier cars repossessed and only has credit card debt left, can anyone other than the credit card companies want money, i.e. can you still owe for the house and cars, and if not, do you really still need to file for bankruptcy or should you just contact the credit card companies to make a payment plan?


Asked on 3/02/01, 12:36 pm

2 Answers from Attorneys
Frank Rooney Frank J. Rooney & Associates

Re: Assets

If you have a deficiency (i.e. the creditor did not recover all the outstanding debt after the repossession or foreclosure)on the auto or house, you will have to pay that debt. This may be another reason to file bankruptcy. For a free half-hour consultation and written information, call us at 703-527-2660.

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Answered on 4/30/01, 6:37 am
Daniel Press Chung & Press, P.C.

Re: Assets

If the foreclosure or repossession sales were for less than the amount owed, you would still be liable for the difference (the deficiency). Whether you should file for bankruptcy is another question that depends on your assets and income (now and expected in the future), debts (and what they are for and how old they are), and other factors. You should consult with an experienced bankruptcy lawyer to discuss your options. Given that congress is about to change the bankruptcy laws to make it much harder to file, you should see a lawyer soon.

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Answered on 4/30/01, 8:21 am


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